Binance Transfers SAFU Assets To USDC For Enhanced Security And Stability
Binance, the leading global cryptocurrency exchange by trading volume, recently bolstered its SAFU (Secure Asset Fund for Users) reserves by transferring them into the stablecoin USDC, aiming to enhance reliability.
During the early hours of Thursday, the platform executed significant moves, transferring substantial amounts of BTC and BNB. Established in 2018 by then-CEO Changpeng Zhao (CZ), the SAFU program serves as an emergency insurance fund to protect users’ assets in case of security breaches or unforeseen events. Binance’s recent announcement revealed the relocation of 100% of SAFU’s assets to USDC, ensuring stability at $1 billion.
Data from Arkham Intelligence shows the movement of 16,276.99 BTC and $738.10 million worth of BNB from Binance’s SAFU wallet to its hot wallets. Additionally, Binance disclosed a new wallet address holding 1 billion USDC tokens and received $1,669.63 worth of various crypto assets. Despite fluctuations that caused the fund’s valuation to dip to $735 million in November 2022 before Binance restored it to $1 billion, the platform maintains its commitment to safeguarding users’ funds.
Clever Robot News Desk 20th April 2024
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